Perrigo Rejects Formal Mylan Offer

(RTTNews) - Generic drugmaker Perrigo Co. plc (PRGO) said Friday that it has rejected the unsolicited offer from larger rival Mylan NV (MYL) to acquire all of the outstanding shares of Perrigo for $60.00 per share in cash and 2.2 Mylan ordinary shares for each ordinary Perrigo share.

The Perrigo board previously concluded that Mylan's unsolicited proposal of $205.00 per share significantly undervalued the company and its future growth prospects and was not in the best interests of Perrigo's shareholders.

Mylan's Friday offer price is lower than the previously rejected proposal, Perrigo said. Based on Mylan's unaffected price of $55.31 per share on March 10, the last day of trading prior to widespread public speculation that Teva was considering an offer for Mylan, the value of the offer is $181.67 per Perrigo share, Perrigo noted.

Perrigo strongly advised its shareholders to take no action in relation to the Mylan offer.